The COVID-19 cases in China are reaching all-time highs, forcing authorities to re-lock down large parts of the country. The Chinese capital Beijing reported 388 new locally transmitted symptomatic COVID-19 cases on Wednesday and 1,098 asymptomatic cases on November 22.
This figure compares with the 274 symptomatic cases and the 1,164 asymptomatic cases of the previous day.
Authorities said 290 cases were detected outside the quarantined areas on Tuesday.
Meanwhile, Reuters reported that the Chinese city of Chengdu will carry out mass COVID-19 tests for its residents from November 23 to 27, according to a government notice late on Tuesday.
Huang Hui, deputy director of the Chengdu Municipal Health Commission, said that “in order to detect infected people as early as possible, break the chain of transmission and curb the rapid rise of the epidemic,” health authorities have decided to carry out mass testing in throughout the city from November 23 to 27.
In Shanghai, the rules for the entry of people into the city have been tightened, as the country faces a rebound in COVID cases, raising fears about its impact on the economy.
Nonetheless, markets have shrugged off the threat of a covid-related global slowdown, and the S&P 500 closed at its highest level in two and a half months. The Dow Jones Index rose 397.82 points, or 1.18%, to 34,098.1, and the S&P 500 gained 53.64 points, or 1.36%, to 4,003.58 and the Nasdaq Composite added 149.90 points, or 1.36 %, up to 11,174.41. US stock futures were little changed on Wednesday as investors braced for the latest Federal Reserve minutes, which could guide the outlook for US rates.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
